3M Co (MMM) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. lowered its stake in shares of 3M Co (NYSE:MMM) by 21.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,471 shares of the conglomerate’s stock after selling 2,592 shares during the period. Addenda Capital Inc.’s holdings in 3M were worth $1,996,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the company. Rainier Group Investment Advisory LLC bought a new stake in 3M in the 1st quarter valued at $114,000. SRS Capital Advisors Inc. raised its stake in 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after acquiring an additional 595 shares during the period. Avestar Capital LLC raised its stake in 3M by 161.2% in the 2nd quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after acquiring an additional 432 shares during the period. Braun Bostich & Associates Inc. raised its stake in 3M by 221.7% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 481 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in 3M in the 2nd quarter valued at $149,000. Institutional investors own 67.66% of the company’s stock.

Get 3M alerts:

MMM has been the topic of a number of research analyst reports. ValuEngine upgraded 3M from a “sell” rating to a “hold” rating in a research note on Saturday, July 14th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research note on Sunday, July 15th. Royal Bank of Canada restated a “buy” rating and issued a $234.00 price target on shares of 3M in a research note on Wednesday, July 25th. Barclays dropped their price target on 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 25th. Finally, Morgan Stanley initiated coverage on 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $225.23.

In other news, insider Eric D. Hammes sold 1,272 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gregory R. Page bought 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at approximately $276,750. The disclosure for this purchase can be found here. Corporate insiders own 0.58% of the company’s stock.

NYSE MMM traded down $2.97 on Friday, reaching $201.10. The stock had a trading volume of 2,429,271 shares, compared to its average volume of 3,107,940. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a 1-year low of $181.98 and a 1-year high of $259.77. The firm has a market cap of $117.21 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 1.98 and a beta of 1.18.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The firm had revenue of $8.15 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same period in the prior year, the company earned $2.33 earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. On average, equities analysts anticipate that 3M Co will post 10.02 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “3M Co (MMM) Shares Sold by Addenda Capital Inc.” was originally published by BBNS and is the sole property of of BBNS. If you are accessing this story on another publication, it was illegally stolen and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this story can be viewed at https://baseballnewssource.com/2018/11/10/3m-co-mmm-shares-sold-by-addenda-capital-inc/2846871.html.